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The Tax Man Cometh

As some of my colleagues, friends and family are buzzing about tax season–I am dreading it. Trying to wait patiently for all the necessary documents to send to my Accountant seems like a forever project. At the end of the day, heading to my mailbox with hopes the last few pieces of mail are just what I need to complete my submission. With varying fiscal years, I can only imagine what a business owner goes through wading through piles of receipts and wondering what could constitute as a deduction. I found some tips online as to what physicians may consider to help them through the struggle When it comes to taxes, it’s critical to diagnose your tax standing with the IRS to come up with a plan of action that includes tax deductions to help reduce your bill from Uncle Sam, while staying compliant at the same time. If you are one of the many physicians with your own medical practice, consider these tax deductions for doctors that can help you keep more of the income your medical practice generates:

The Importance of Recordkeeping for Doctors Doctors know how important it is to maintain accurate patient information and medical history. The same rule of thumb should apply to taxes. It’s critical to maintain records and receipts of all expenses you incur as a doctor with a medical practice. The IRS wants to ensure that all costs are related to your medical practice rather than for personal needs, so maintaining proper records and providing this information when filing your tax return is a must.

NOTE: MediPro, Inc. encourages physicians to visit directly with their respective Tax Professional to see what the best plan is for their medical office.